Happy New Year from the Investing Blog!
A new year is beginning, and for many of us, that means setting goals for 2010. I am one of those who likes to look at my situation, and figure out what I can do to improve it. This makes a convenient time of year to look back at what I’ve been doing, and then correct my course going forward. I’ve got some financial New Year’s resolutions, and one of those is to open a retirement account for my husband.
This retirement investing goal comes because the only account we have so far, in terms of retirement, is a Roth IRA that I opened a few years ago. It really is time to open a retirement account for my husband so that we can save even more. We’ve been slow to open a retirement account for my husband because he is a student working on his Ph.D. He doesn’t have an employer sponsored plan, and I am self-employed.
However, looking a this past year’s income, it occurs to me that we can fund another IRA for my husband (at least partially for now). He should finish his program this year, and hopefully find a job that offers retirement benefits. However, even if he doesn’t get employer benefts, we need to open an investment account for retirement purposes. I should also think about opening another retirement account for me. A SEP IRA or a solo 401k might be in order. When I see my accountant for taxes, I’ll also get a little advice on the tax advantages of different types of retirement account for my situation.
In the end, this is a New Year’s resolution that I can keep! Sure it’s a goal that will take some planning, but it is a vital necessity. With it becoming increasingly necessary for retirees to rely on their own investments, it is vital that my husband and I accumulate what we can, starting while we are still young.
What are your investing resolutions for the new year?
